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<br />(b) it is necessary and desirable that the City issue $5,060,000 <br />General Obligation Tax Increment Refunding Bonds, Series 1992D (Bonds) to <br />refund in advance of maturity and at their redemption date, certain <br />outstanding general obligations of the City; <br /> <br />(c) the outstanding bonds to be refunded (Refunded Bonds) consist <br />of the $7,385,000 General Obligation Tax Increment Refunding Bonds, Series <br />1986, dated August 1, 1986 s of which $4, 890 ~ 000' in principal amount is callable <br />on February 1, 1994. <br /> <br />2. To provide moneys to refund in advance of maturity the Refunded <br />Bonds, the City will therefor issue and sell Bonds in the amount of $5,014,460. In <br />order to provide in part the additional interest required to market the Bonds at this <br />time, additional Bonds will be issued in the amount of $45,540. The excess of the <br />purchase price of the Bonds over the sum of $5,014,460 will be credited to the debt <br />service fund for the Bonds for the purpose of paying interest first coming due on <br />such additional Bonds. The Bonds shall be issued, sold and delivered in accordance <br />with the terms and conditions of the following Terms of Proposal: <br /> <br />SJB40504 <br />NE136-97 <br />